CAIRO: The Industrial Modernization Center (IMC) last week launched the first Business Plan Competition in Egypt to actively target existing and potential entrepreneurs in industrial sectors. "Entrepreneurship is the principle source of innovation and energy in any open-market economy, Minister of Trade and Industry Rachid Mohamed Rachid said on the eve of the project launch. Under the auspices of the Ministry of Trade and Industry, "Mashroaak Hakika (or Your Project Come True) was launched in a bid to create a pipeline of new and innovative small and medium enterprises (SME) in Egypt's industry-related sectors. It is also meant to promote a culture of entrepreneurship within Egyptian industry. "If we are to maintain our present trajectory of strong industrial growth and competitive exports for decades to come, we must encourage, today, the emergence of Egypt's next generation of industry and export companies, added Rachid. This nationwide competition is being undertaken in cooperation with two non-governmental organizations - the Egyptian Junior Business Association and the Arab Science and Technology Foundation - both of which have established track records of supporting Egyptian entrepreneurs. The focus of Mashroaak Hakika is to support Egyptian entrepreneurs in establishing feasible SME projects, with investments ranging from LE 100,000 to LE 5 million. The projects will operate in industrial sectors including food, textiles, furniture, engineering products, pharmaceuticals and recycling of industrial waste. Project plans submitted may include new start-up ventures or existing businesses that have been operational for up to two years. Priority will be given to proposals for products or services with export potential and plans for significant job creation. The competition will help in the ministry's efforts to build general awareness around the nature of entrepreneurship and its importance to industry. Mashroaak Hakika will provide applicants with the basic tools to develop integrated business plans and transform their ideas into successful, market-oriented business ventures. Winners of the competition will receive cash prizes of up to LE 400,000, and a package of business and matchmaking services provided by the IMC as well as private sector sponsors to support the launch of the winning start-up ventures. The selection process consists of four stages, and a shortlist of finalists will be selected to participate in the May awards ceremony. Applicants selected to participate in each of the consecutive phases will attend a series of seminars and workshops, where they will receive specialized training in the core building blocks of a successful business plan. In this way, all entrepreneurs participating in Mashroaak Hakika will gain exposure to a range of basic business skills, from project financing and marketing to the challenges of identifying target markets, customers and competitors. The competition will be judged by a panel of independent experts with experience in business plan competitions, drawn from government, the private sector, NGOs and academia. For more information, visit www.mashro3ak.com.
