Funding instruments in Egypt (public and private) available
ITIDA (The Information Technology Industry Development Agency) has special programs and services for supporting private companies, students, and investors working in ICT services (Funding instruments in Egypt). ITIDA offers custom-tailored programs and conducts well-designed projects to serve all industry elements, increase capacity and enhance competitiveness.
With the existence of a specialized institution – ITIDA, dedicated to supporting outsourcing investors, it is now easier than ever before to do business in Egypt. Egypt is home to several Fortune 500 companies and hundreds of multinational and regional players.
Foreign investors are encouraged to explore and apply for incentive packages covering all verticals of all the IT industry. Around 60% of the financial incentive budget assigned to investors is directed to subsidize cost of training & talent development, while the outstanding budget is assigned to support cost of international telecommunication.12
GAFI is an affiliate of the Ministry of Investment (MOI) and the principal government body regulating and facilitating investment in Egypt. GAFI is responsible for foreign and local investments in Egypt, the management of free zones, the support to entrepreneurship and stimulating the development of innovation.13 One of the most targeted sectors is ICT and IoT.
Funding instruments in Egypt
Egypt Internet of Things (IoT) League is a nationwide acceleration program for startups to be, that have innovative ideas in the area of Internet of Things (IoT) and related fields: Connected/Smart Solutions (Smart Home, Smart City, Smart Energy, Connected Cars, Wearables, Industry 4.0,…).
Egypt IoT League is co-organized by Intel Corporation and the Technology Innovation & Entrepreneurship Center (TIEC) in partnership with other corporate, academic, and government partners/sponsors. The program unites the resources and experience of the organizers and their respective partners to avail all the required materials, mentors and expertise to the participating projects. Egypt IoT League is accepting senior university students, graduates of related schools and young entrepreneurs.
The top 5 innovative IoT ideas/projects from across Egypt will be selected for acceleration & financial awards to support them in developing their products and services. Selected potential startups will receive support in the form of mentoring, access to business/technological resources of organizers, go-to-market programs and potential investments.14 Participation is completely free of charge.
It is worth to explore the website of the EgyptInnovate, initiated by TIEC. The webinars and presentations regarding the IOT presented on . „Egypt Innovate” is the online innovation hub for Egypt, where innovators and entrepreneurs get inspired, educated and connected.
This is our fifth post from series about Internet of things in Egypt. Stay tuned for more or subscribe to our mailing list. Here is a plan of our posts in this series:
- The current market state of Internet of things in Egypt: perception and understanding of IoT technologies
- What are the technical assumptions for introducing IoT technologies and solutions in Egypt?
- What are the obstacles of introducing IoT to the market in Egypt and the Middle East countries
- What are the main companies and provider of IoT solutions in Egypt?
- What are the funding instruments (public and private) available for developing IoT solutions?
- IT (software development) studies and programs available in Egyptian higher education system. What are the main differences in IT studies between Lithuania and Egypt?
- Previous analysis can be downloaded in a powerpoint presentation.