Egypt's gold prices fall on July 31st    Egypt signs new exploration deal with Eni, BP    Sterling set for sharpest monthly drop since 2022    Germany says process towards recognition of Palestinian state 'must now begin'    Egypt, Brazil sign deal to boost pharmaceutical cooperation    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Egypt's Electricity Ministry says new power cable for Giza area operational    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



US to wrap up its first entrepreneurship competition in Egypt
Published in Daily News Egypt on 30 - 12 - 2010

CAIRO: The US State Department's Global Entrepreneurship Program (GEP) business competition will conclude during the second week of Jan. 2011, in which one or two innovative start-up firms will receive a cash prize in order to jettison their ambitions.
The US government believes — along with many industry insiders and commentators — that Egypt and the Middle East as a whole are poised to become centers of entrepreneurship and robust economic growth.
The GEP's launch also comes at a critical juncture in Egypt, where there are major, ongoing roadblocks toward cooperation between small- and medium-sized enterprises (SMEs), as well as between investment banks and private equity firms.
SMEs have been relentlessly pleading for funding from investment firms, funding that they cannot succeed without, and have accused firms of strictly catering to larger companies that present little (if any) risk.
While such criticisms carry weight, investment firms point to opaque financial data and inept managerial skills often found in the bulk of local smaller-sized firms.
As a result, for investment banks and private equity firms, Egyptian SMEs often pose too high of an investment risk.
In the face of such obstacles, the GEP initiative was launched in 2010 in order to bolster the region's private sector potential and accelerate the process of economic growth — not to mention enhance private sector cooperation between US and Middle Eastern businesses.
In fact, according to the US State Department, US investors are eager to direct their capital toward local SMEs, which the GEP — acting as a platform — allows.
The program also fits within the wider framework of the US' objective of promoting market-oriented economic reform throughout the region by way of investment.
Besides the US State Department's involvement, the Egyptian Ministry of Communication and Information Technology (MCIT) is co-sponsoring the initiative; the GEP includes a myriad of partners, such as the Nile and American Universities, Google, the American Chamber of Commerce, Ernst and Young, and venture capital firm Sawari Ventures.
While the two monetary awards are modest ($25,000 and $50,000, which have yet to be confirmed officially), GEP Senior Advisor and Director Steven Koltai explained via video conference that the award sum is simply a gesture to reward and highlight important start-up investments to local and foreign investors.
Upon receiving such recognition, it is hoped that angel investors will snatch up the opportunity to partner up with hopeful start-ups to ensure that the young firm gets off the ground and that investors get a return on their investment.
While the competition is open to firms that operate in every sector of the economy, and must demonstrate a clear vision for a new and innovative process, product or service, Koltai noted that — given MCIT's strong involvement — ICT-oriented firms will likely be paid particular attention.
Koltai is confident that the US State Department's initiative will bear fruit.
Citing delegation visits by prominent American investors to both Jordan and Lebanon in June of this year, Koltai highlighted that two different angel investors — one of whom works for Google — decided to inject $50,000 into two local start-up firms.
In Lebanon, a firm that specializes in 3-D marketing for 3-D movies at the cinema caught the eye of one angel investor, while an ICT firm in Jordan piqued the interest of another.
For Koltai, these two illustrations are testimony of the likelihood that the GEP program will be a success in Egypt.
In fact, he and the rest of the GEP program are so certain about the entrepreneurial spirit in the Middle East that GEP is already being expanded within and beyond Egypt's borders.
For example, in Egypt, GEP will open offices based in Cairo and Alexandria in order to push all aspects of the entrepreneurship program forward.
Several areas of activities have been outlined: identifying opportunities, training, connecting investors and start-ups, sustaining new start-up firms, opening channels to funding, and enabling policy decisions.
The offices have been allotted $1 million in funding for 2011–12 through USAID, a US government development program.
During the close of the competition in Cairo, which will take place between Jan. 9 and 12, the office's head will be announced to the public.


Clic here to read the story from its source.