The Egyptian government has announced plans to launch a national roadmap to support the country’s startup ecosystem, backed by new funding mechanisms including a “Fund of Funds.” The initiative is a joint effort between the Ministry of Planning and Economic Development and the Ministry of Higher Education and Scientific Research, aiming to create a more robust institutional framework for innovation and bridge the gap between academic research and commercial ventures.
Quick Facts
- New national roadmap to support startups.
- Plans include a dedicated “Fund of Funds”.
- Focus on commercializing university research.
A Multi-Pronged Strategy for Growth
The plan, developed under directives from Prime Minister Dr. Mostafa Madbouly, outlines several key initiatives to accelerate startup growth. According to Ahmed Rustom, Minister of Planning and Economic Development, the government is establishing an institutional framework that includes an entrepreneurship unit reporting directly to the cabinet.
Alongside the “Fund of Funds” designed to attract new investment, the strategy involves activating the “Egypt Center for Entrepreneurship and Innovation” and leveraging NI Capital, the investment arm of the National Investment Bank, to provide necessary financing. This coordinated approach aims to capitalize on the potential of Egyptian youth and growing investor interest in the market’s venture capital opportunities.
Bridging Academia and Industry
A significant component of the roadmap is creating a direct pipeline from university labs to the market. Minister of Higher Education and Scientific Research, Abdel Aziz Qansouh, highlighted that the collaboration reflects a national push towards a knowledge-based economy.
The ministry’s technical bodies, including the Academy of Scientific Research, the Science and Technology Development Fund, and the Innovators and Geniuses Welfare Fund, are aligning to connect research outcomes with the national economy. To further incentivize this shift, the ministry is considering a policy that would link academic promotions for faculty members to their applied contributions and collaboration with the industrial sector. The plan also includes coordinating with the Innovators and Geniuses Welfare Fund and NI Capital to directly support research by students and graduates, helping them transform their projects into viable startups.
Institutionalizing Support
The collaboration is designed to provide sustainable financing mechanisms for technology projects and amplify the role of the Innovators and Geniuses Welfare Fund. Amr El-Abd, Advisor to the Prime Minister for Entrepreneurship, noted that providing institutional support and funding to university-born startups would significantly increase their ability to attract private investment and contribute to the national economy.
Technical teams from both ministries have been tasked with finalizing the institutional framework for startup financing, which will be presented as part of the government’s broader plan to enhance Egypt’s entrepreneurship environment.
About the National Startup Roadmap Initiative
The National Startup Roadmap Initiative is a high-level Egyptian government collaboration between the Ministry of Planning and Economic Development and the Ministry of Higher Education and Scientific Research. It aims to build an integrated institutional framework to support the startup ecosystem by introducing new funding mechanisms, fostering innovation within universities, and creating a direct path for academic research to become commercially viable companies.
Source: Alborsaa News
