New strategy for improving entrepreneurship environment in the works: ITIDA

A comprehensive strategy to improve the entrepreneurship environment in Egypt, and maximize benefits from emerging companies and attract more risk capital is being prepared, said Information Technology Industry Development Agency CEO Amr Mahfouz.

Mahfouz spoke on the strategy during the Digital Society Hackathon, organized by Vodafone Intelligent Solution (VOIS), on behalf of MCIT minister Amr Talaat.

The ITIDA CEO said he is pleased to take part in the hackathon, which represents a platform for innovative youth to compete in creating innovative technological solutions to better deal with societal challenges, especially in light of the coronavirus pandemic. 

Successes of VOIS in Egypt are best proof of an investment-friendly climate in the country, Mafhouz said, noting that this also reflects confidence of international firms in the skills and professionalism of Egyptian youth in terms of high-quality IT services. 

He touched upon efforts exerted by the Communications Ministry to support the entrepreneurship system in Egypt through "Creative Innovation Hubs" across the country. 

The hubs provide training and programs to help youth and undergraduates start their entrepreneurship projects in the field of information technology, Mahfouz said. 

So far, hubs have been established in five governorates at 300 million pounds worth of investments, he added, noting that this constitutes phase one.

Another 300 million pounds have been allocated for the second phase, he told participants in the hackathon.

Themed “A Code to Move the World”, the hackathon targets undergraduates and professionals with a knack for data mining and coding. It provides an opportunity for techies and talented young people to practice, challenge, develop their skills, share ideas and be inspired by a team of exceptional mentors and speakers.

In addition, the 10 winning teams will be awarded cash prizes, and all the participating teams will receive giveaways.