Dr Sami:“Generation Next” based on tech-based entrepreneurs

Dr. Nezar Sami said that Egypt is now focusing on technology-based entrepreneurs which President Abdel Fatah e-Sisi encourages

Innovation and entrepreneurship consultant Dr. Nezar Sami said that Egypt is now focusing on technology-based entrepreneurs which President Abdel Fatah e-Sisi encourages, hence this was cascaded down to various ministries in the cabinet. In that respect, he asserted the importance of the “Generation Next” Forum inaugurated in Cairo under the auspices of Prime Minister Dr. Mostafa Madbouly and in presence of a party of ministers.

Over the phone to (Cairo Local Time), he shed light on the forum’s objective which is to invest in the future and to highlight the government’s commitment to enhancing the entrepreneurship environment and investing in startups, boosting the culture of startups, stimulating the development of the entrepreneurship atmosphere and also building competitiveness of the economy which drives GDP growth through direct and indirect investments.

He explained that this forum is an activity which goes in parallel with the celebration of the International Day for micro, small and medium enterprises in such a way so as to greatly focus on investments. This means, he illustrated, that Egypt is heading to the future, to 2030, accommodating with our vision towards having a competitive economy in the world as well as innovation based on knowledge and technology.

Dr. Sami added that various ministers discussed the potential of building the local capacities of the Egyptian entrepreneurship and putting it into the international level.

He classified the kinds of entrepreneurships according to the ministries engaged; First, the Ministry of Planning and Economic Development through its program “Rowad 2030” specialized in achieving Egypt’s vision 2030 through entrepreneurship, thus they have launched the promising “Ready Program” which prepares one million entrepreneurs to the Egyptian market. Second, the Ministry of Communication and Information Technology has built more than seven innovation hubs all over the country where they support the innovation ecosystem. The third is the Ministry of Scientific Research through its program “Intelaq” where it provides more than 20 incubators that will enable startups and entrepreneurs to foster and support their business ideas.

Moreover, he said the Ministry of Youth and Sports has a very reputable program in universities in competition as well as promoting the idea of social entrepreneurship. The Ministry of Social Solidarity is working on the idea of social entrepreneurship and handcraft and empowering women, he illustrated more.

Consultant Sami was proud to describe that as a symphony where all the ministries are orchestrating together. Not to mention the impact and the effort done by micro, small and medium development agencies where they support training programs such as funding mechanisms and matchmaking with business partners. It is a huge pace towards economic development and global competitiveness, he reaffirmed.

Commenting on keys of success for building a real ecosystem entrepreneurship in Egypt, he weighed that solving real problems not only in Egypt but also in other countries, investing in technology and doing businesses in the right position are major elements in the startups to obtain international finance.

One of the most attractive areas suitable for investment in Egypt is the financial technologies track, a very booming sector in Egypt now, as the central bank introduces activities on promoting the fintech technologies and electronic payments and all these activities for digital transformation, this is one track, he elaborated, while the second track is the health-tech one of the booming industries in the Egyptian market as well as agri-tech which is agriculture supporting using technologies to enhance and promote agri businesses in the country, in addition to Edutech as another pillar.

(Cairo Local Time) is aired from Saturday to Thursday. This episode is presented by Amal Mokhtar