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The British embassy has announced a £1-million investment fund to benefit startups of Cairo in Egypt.
Entrepreneurs eligible for the fund need to demonstrate that their business is both commercially viable while still serving the needs of the community. They need to be able to create jobs, have suitable opportunities for women as well as support underprivileged regions.
Participating entrepreneurs would also have to go the extra mile, showing how their business improves access to public services as well as the delivery of said services.
The final selection of entrepreneurs will in the form of a competition with the winners being chosen by an expert panel of judges.
“The commitment is a show of confidence in both the vibrant startup scene in Egypt, as well as the number of existing enterprises already tackling social challenges,” said the embassy in a press release.
The startup community in Cairo will greatly benefit from the investment fund established by the UK
The accepted entrepreneurs will not only benefit from the funding, but they’ll also receive mentoring in the form of technical advice and access to an international network of contacts.
“We invite others already engaged in this work in Egypt (angel investors in particular) to propose how we might work together on this important initiative,” the embassy continued.
The British Ambassador John Casson has already seen what Egyptian startups have to offer at the RiseUp Summit. The ambassador showed his enthusiasm to be a part of the list of many speakers.
“I challenge all of the startup community present today at the RiseUp summit, to bring the same energy to solving Egypt’s social challenges as they already bring to pursuing their business dreams,” Casson said at the time.
Featured image: Filip Maljković via Flickr