The search is on for the most promising upstarts in Egypt's information technology (IT) sector as the third annual Business Plan Competition was launched on February 6.
The competition aims to find talented entrepreneurs in the Egyptian IT field and award and support their innovative business ideas.
Total prizes in cash and services are valued at LE 2 million. This includes a cash prize from Egypt's IT community, a monthly salary for up to one year, incubation facilities at Smart Village, and a one-year program of business management mentorship. The focus of this year's Business Plan Competition is on Internet applications and services, electronics, and mobile applications.
'Every year the Business Plan Competition discovers innovative projects from some of Egypt's most creative IT thinkers, and this year will undoubtedly be no exception,' stated Ahmad Gomaa, CEO of Ideavelopers, which is the advisor to the Technology Development Fund and lead organizer of the competition. 'As we launch the 2007 competition, we are looking forward to seeing even more of the pioneering spirit that has made our previous contests so successful. This is an excellent opportunity for technology entrepreneurs to turn their ideas into projects and their project teams into registered companies.
Entry to the competition is straight-forward so as to encourage the maximum number of cutting-edge ideas. Interested entrepreneurs need only submit a short summary of their project by April 01 2007. Screening by top-caliber judges will short-list the leading ideas to create a set of thirty semi-finalists who will be invited to receive training through the American University in Cairo to develop a full business plan.
Spearheading the competition is its founder and sponsor, Egypt's IT venture-capital Technology Development Fund, which in its chief function as venture capital fund has provided LE 50 million to Egyptian technology entrepreneurs and is set to provide another LE 150 million.
'We are proud to be sponsoring the Business Plan Competition because it encourages and develops Egyptian IT entrepreneurship which is so key to our booming technology sector. This competition attracts our country's top talent, brings its into the limelight and gives these entrepreneurs the opportunity to turn their creative ideas into reality,' states Amin Khaireldin, Chairman of the Technology Development Fund.
The competition also has the strong backing of the Ministry of Communication & Information Technology and is sponsored by top pioneering establishments and they are, Telecom Egypt, Information Technology Industry Development Agency, American University in Cairo, ITWorx, Ideavelopers, and EFG-Hermes.
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About Technology Development Fund
The Technology Development Fund (TDF) is the Middle East pioneer in providing venture capital to innovative, early-stage Egyptian companies in the field of information technology. Each company has a sound business model and is innovative, carefully managed, and capable of developing valuable intellectual property and other assets.
TDF provides its companies with the most comprehensive set of seed and early-stage venture capital financing as well as venture development services. The services include strategic planning, financial planning, partner identification, management consulting, legal counseling, and incubation facilities. The Fund has received the backing and support of the Egyptian Ministry of Communications and Information Technology, with Telecom Egypt as a key investor. The Fund is managed by EFG-Hermes Private Equity, Egypt's leading private equity group and is fully owned by the EFG-Hermes financial powerhouse.
Or contact Fatma Ahmed,
TRACCS Egypt
Tel: (+202) 304-6860
Fax: (+202) 303-1219
© Press Release 2007
