The Ministry of Investment and International Cooperation (MIIC) signed a funding agreement with the Saudi Development Fund in March 2017 to establish The Egyptian Entrepreneurship Investment Company (EEIC) also known as "Egypt Ventures". The investment company will act as a startup fund that invests in early-stage funds, incubators and venture capital funds as well as invests directly in early growth companies. The value of the fund is EGP 451 million and with no sector focus it represents an opportunity for entrepreneurs looking to start a business and provides a chance for innovators to implement their ideas.
The fund comes as part of the Ministry's efforts to foster private sector development. The Ministry announced in January 2017 that, by end of 2016, MIIC had secured a total of USD 2.7 billion to support SMEs. The Ministry has specifically contributed through its development partners to funding Egypt's Social Development Fund (SDF), which, in 2015, financed a total of 15,211 SMEs through EGP 2.2 Billion. Funding was allocated to various sectors like industry, trade, services and agriculture.
Fekretak Sherketak is the first initiative taken by the accelerator program Sherketak, which was financed by Egypt Ventures, an affiliate of the Ministry of Investment and International Cooperation.
Sherketak (what translates to “Your Company") is a 4-month accelerator program that offers funding of up to EGP 500,000 for teams to build their startups with 4-8% equity stake in return. Sherketak provides a wide range of services to the selected startups including business, legal, technical, and entrepreneurial support. Moreover, it introduces the teams to experienced mentors and business leaders who provide tips and networking possibilities to get these companies off the ground. Sherketak, a sector agnostic accelerator, runs two cycles per year in tandem with the EFG Hermes program for FinTech as well as the UNDP program for Social Impact companies.
The program aims to not only bring ideas to life but also accelerate their growth process. The program aims to help youth, or any Egyptians, with a creative idea that can be turned into a service or a product. Winning ideas receive financing, technical support and office space, and the owners of these ideas become founders in their own companies. They are assisted in registering their companies, in researching their market and building their business plan. They acquire market and business intelligence and learn how to design their operating model. After this acceleration period of 4 months, the team in Sherketak assists the shareholders in finding investors that could inject capital into the company to take it to the next growth stage and expand its geographical reach, client base, workforce and/or product offering.
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