Sherine El-Madany reports on 12 months of the Technology Development Fund E-learning facilities, Arabic language technology products and smart card solutions -- three among many new services provided by the eight start-up companies that have been funded and supported by the Technology Development Fund (TDF) in its first year of operations. The fund has provided the eight companies with LE20 million of venture capital. The TDF's mandate is to help Egypt become a player in today's digital economy. "We are building the pillars of technological development by incubating start-up companies and small businesses that are seeking to develop their ideas," says ICT chair Khaled Ezz. The fund offers an integrated investment package to help Egyptian entrepreneurs develop and successfully grow their businesses while at the same time offering investors a reliable investment vehicle to tap into the lucrative CIT market, says Ezz. TDF is managed by Egypt's leading private equity house, EFG-Hermes. IDEAVELOPERS, a specialised company comprising a team of CIT business experts, acts as advisor on investment portfolios. The whole operation is conducted beneath the umbrella of the Ministry of Communications and Information Technology. "The fund has become a tool for a positive change... by introducing the culture of venture capital in CIT it will promote other segments of Egypt's economy," says Tareq Kamel, CIT Minister. The fund, he says, is particularly keen on helping recent graduates, opening the door to new employment opportunities. In addition to capital selected companies have access to a range of strategic support and consulting services provided by IDEAVELOPERS, and fund beneficiaries are able to utilise incubation facilities fully sponsored by the ministry. Among the results is the Family Card, the smart card that is replacing the paper-based food stamp booklet. And among the beneficiaries is OstazOnline, Egypt's e-learning service provider and a pioneer of virtual classroom facilities and software that aims at reducing pupils' dependence on private lessons.
