Experts put Egypt on top spot in rapid startup growth in MENA: commenting on ‘The Global Impact Challenge’
The Global Impact Challenge has finally made its way to the MENA region. The number of participants already reached 220 with attendees from Lebanon, Tunisia, Morocco, Algeria and Egypt. Egypt alone is responsible for 55 percent of the total participants.
Egypt’s economy has gone through a positive transition over the last few years and this percentage is a proof of that. The country has enjoyed a 7% growth of startups in 2018 and currently Egypt represents 22% of total startup investments in the MENA region.
Commenting on this, Eng. Haider Glaleb, Singularity University Ambassador in Egypt, said: “The boot camp for the participants will take place in Gouna starting the 19th until the 26th of July, sponsored by Orascom Development Holding, EFG-Hermes and Endure Capital. With the assistance of Singularity University professors and multiple industry specialists, the camp will integrate tailor-made programs for startups and future-oriented thinkers to enable them to transform their ideas into tangible impact on people’s lives within their communities.”
He also seemed very positive about the competition as a whole, saying, “The Global Impact Challenge Competition that took Egypt as the regional hub, is based on finding solutions to the issues facing the region to have a positive impact on both the economic and social levels. This competition represents a significant step towards decreasing the brain drainage that can alter and create the optimum atmosphere to foster startups and creative ideas."
According to Zawya, participants of the competition will prepare for the final event where a panel of judges from Singularity University and industry experts will evaluate their ideas. The GIC winner will be chosen at the closing ceremony who will receive a full scholarship valued at $60,000 to join the Global Startup Program arranged by SU.
Eng. Walid Khalil, Managing Partner, Endure Capital said: “The Egyptian government has ambitious initiatives to motivate young Egyptians and empower them to become entrepreneurs and self-reliant, particularly as they have enlightened minds, countless talents and skills, but lack some stimulus regulations for the startups community."
Currently, the number of startups in Egypt is 1,363, according to the MAGNiTT Startup Directory.
According to MAGNiTT, the MENA region startups received $893 million in investments in 2018, up to 31 percent more than 2017.