International entrepreneurial reality TV show and sensation, Shark Tank, has launched in Egypt and aims to discover the next successful local startup
International entrepreneurial reality TV show and sensation, Shark Tank, has launched in Egypt and aims to discover the next successful local startup, entrepreneurs, inventors, and innovators.
The show was launched in partnership between Innovative Media Productions (IMP), the United Media Services, and Shark Tank franchise owner Sony, and is under the auspices of the Ministry of Communications and Information Technology (MCIT). The show aligns with the state and ministry’s support for the entrepreneurial and startup ecosystem within Egypt.
Shark Tank is a competition-based reality show in which aspiring entrepreneurs pitch their businesses and business models to a panel of investors in a bid to persuade them to invest their money in their idea, usually in exchange for equity in the business.
Announced during a ceremony last Saturday at the Grand Egyptian Museum, Shark Tank Egypt’s first season will begin airing in January of next year exclusively on CBE and WATCH IT. Vodafone Business and Madinet Nasr for Housing and Development (MNHD) are official partners.
The show’s Sharks – the name for the show’s panel of judges – were announced during the event as President and CEO of El Sewedy Electric, Ahmed El Sewedy; founder of the Egyptian Chinese Drilling Company and Non-Executive Chairman of Rameda, Ayman Abbas; Chairman and CEO of Mobica Designs, Mohamed Farouk; CEO and Managing Director MNHD, Abdullah Salam; founder and CEO of MITCHA, Hilda Luca; and co-founder and CEO of Infinity Solar and Infinity Capital Investments, Mohamed Mansour.
MCIT Minister Amr Talaat affirmed the ministry’s support for progressing the entrepreneurial ecosystem in Egypt, according to a statement by Shark Tank, highlighting the importance of establishing effective partnerships as a vital pillar in the development of this ecosystem as part of the state’s strategy.
Talaat added that one of the strategy’s key pillars is driving creativity and innovation in digital technology through a number of programs and projects, the most prominent of which is Digital Egypt’s Creativa Innovation Hubs which has been implemented with investments of up to EGP 5 billion.
The minister went on to explain that Egypt is witnessing a boom in its entrepreneurship a startup ecosystem, stressing the ministry’s keenness on utilizing all its capabilities to create an environment supporting the growth of startups, attracting foreign investments, and stimulating innovative thinking among the youth.
The launching ceremony was attended by various high-level executives including MCITMin Talaat, Amr El Fekky, CEO and Managing Director of United Media Services; Gamal Salah, co-founder and CEO of POD Egypt; entrepreneurship and venture capital expert. Islam Darwish; and IMP’s co-founders, Ahmed Luxor and Amr Mansi.
