Out of the 132 applicants who participated in the Egypt Innovate Award competition, 42 won with a total reward value that exceeded EGP 4bn, the Ministry of Communications and Information Technology (MCIT) announced Tuesday in an official statement. "The competition comes within the framework of MCIT's strategic plan to support innovation in ICT as an active tool in society to largely provide young innovators with job opportunities and increase exports," the MCIT statement read. The competition, which launched last January, seeks to locate the latest innovations developed in the Egyptian Information and Communications Technology (ICT) sector and to support them. The Technology Innovation and Entrepreneurship Centre (TIEC), which is affiliated with MCIT, organised the Tuesday ceremony. "Egypt Innovate ICT Award 2014 aimed to draw the community's attention towards the value of innovation in developing the Egyptian economy, present good examples for youth and start-ups and showcase local companies' efforts to investors in the ICT industry, thereby strengthening competitiveness of the Egyptian companies in the coming period," Chairman of TIEC Hossam Osman stated. The ministry noted that the prize for each winner varied between EGP 80,000 and EGP 120,000. The TIEC conditions and terms entail that the prize money should be spent on upgrading the projects and hiring new graduates.
