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10 key takeaways from Techne Summit

The 9th edition of Techne Summit, a major entrepreneurial event, took place at Bibliotheca Alexandrina in Alexandria between 7-10 October.
Egypt Business Directory | 13.10.2023
© Techne Summit
 

  1. Techne Summit Setting: The 9th edition of Techne Summit, a major entrepreneurial event, took place at Bibliotheca Alexandrina in Alexandria. It serves as a convergence point for entrepreneurs, officials, and investors.

  2. Government Support: Amr Talaat, Egypt’s minister of communications and information technology, emphasized the state's commitment to enhancing the entrepreneurial ecosystem. He highlighted the incentives offered by the General Authority of Investment to founders and investors.

  3. Remote Startup Establishment: The General Authority of Investment is initiating a platform that allows citizens to establish startups remotely. A startup can be set up with a capital of EGP1,000 ($32) without the necessity of a physical location.

  4. Egyptian Startups Performance: Egyptian startups secured approximately $737 million last year, ranking third in the Mena region. This year, they've already raised $434.7 million, even amidst economic challenges.

  5. Egypt's Position in Tech: Minister Talaat believes Egypt is "well positioned" to emerge as the tech hub of the region, competing effectively with major regional players like the UAE and KSA.

  6. Human Resources Strength: Egypt boasts a substantial talent pool, with 600,000 university graduates annually. Among these, 300,000 are STEM graduates, and over 50,000 specialize in ICT.

  7. Infrastructure Investment: The nation has allocated over EGP100 billion ($3.24 billion) in recent years to bolster its infrastructure. The aim is to ensure widespread access to the internet and technology for its citizens.

  8. Workforce Development: Alongside infrastructural developments, Egypt is focusing on training and capacity-building to maintain a consistent influx of skilled talent.

  9. Alexandria's Role: Alexandria, being the second-largest Egyptian governorate, is viewed as an untapped investment potential. The co-founders of Techne Summit have launched the Alex Angels VC firm to invest in Alexandrian companies, recognizing its significance.

  10. Global Participation: The Techne Summit inauguration saw international dignitaries, including the Ambassador of Sweden in Cairo and the Country Representative of UN Women. The event drew attention from both regional and local investors, indicating Egypt's growing appeal as an investment destination.

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