Entlaq releases semi annual report on Egyptian entrepreneurship sector

27 December 2023

Entlaq, a company that supports entrepreneurship, published on Monday a semi-annual report on the Egyptian entrepreneurship sector. The report shows the current state of the entrepreneurship sector in Egypt and helps entrepreneurs and investors understand the challenges and opportunities they face. The report uses qualitative (primary data) and quantitative (primary and secondary data) research methods.

The conference was attended by Hossam Heba, the head of the General Authority for Investment and Free Zones, Hossam Osman, the advisor to the Minister of Communications and Information Technology, and the CEO of the Technology Innovation and Entrepreneurship Center (TIEC), as well as the Deputy CEO of the Information Technology Industry Development Agency. Ahmed Zayed, Executive Director for Egypt at the African Development Bank Group, Abdulhamid Sharara, the founder and CEO of RiseUp, and Nelly Mahmoud, the Marketing Manager at EGBank, were also present.

The report was produced in partnership with several companies and entities that support the Egyptian entrepreneurship sector, including EGBank and RiseUp as strategic partners, TikTok as the main partner, the American University in Cairo’s Venture Lab as an entrepreneurship sector partner, and EdVentures as the knowledge partner.

The report aims to provide the entrepreneurship sector with evidence-based methods that give a wider insight into the sector. This increase in data access aims to improve the decision-making process and create evidence-based channels between stakeholders, which helps to develop data-driven and practical policies. The report also includes policy recommendations to speed up the growth of the Egyptian entrepreneurship sector.

Mohamed Ehab, the CEO of Entlaq Holding, said that this report is a useful resource for decision-makers, investors, and entrepreneurs. It gives recommendations that help to develop the Egyptian entrepreneurship sector by highlighting the key features of the Egyptian business environment. This helps decision-makers make strategic decisions based on evidence, creating a supportive environment for innovation and economic growth.

Ehab added: “The launch of this report is part of Entlaq’s strategy to make Egypt a regional hub for entrepreneurship by creating an integrated and effective environment that encourages innovation.”

Omar Rizk, Co-founder and General Manager of Consultations at Entlaq, said that initial research was done with over 70 startups in Egypt, covering small to large companies at different stages of ideation, growth, and expansion. The research covered more than 10 sectors to provide comprehensive insights.

Rizk highlighted that the performance of the Egyptian entrepreneurship sector was evaluated across eight dimensions: policy, government, social inclusion, access to finance, risk capital financing, ease of doing business, cross-border capital flows, private sector contribution, and development sector contribution. The overall evaluation for the Egyptian entrepreneurship sector was 2.93, indicating that it is a promising sector that meets expectations but needs some policies and support to grow faster.

Nelly Mahmoud, Marketing Manager at EGBank, stressed that Entlaq’s launch is the start of fruitful partnerships and decisions in various fields. The clear vision in Entlaq’s report allows private, public, and governmental sectors to take serious steps toward developing the entrepreneurship sector, startups, and innovation.

Mahmoud said: “At EGBank, we are very dedicated to supporting startups. As one of the first private banking institutions to actively support the youth and entrepreneurship skills, we have been offering real and comprehensive support through our platform, MINT, for seven years. This platform has supported thousands of youth and hundreds of startups in various fields in Egypt, creating direct and indirect job opportunities estimated at more than eleven thousand, and promoting social and financial inclusion by supporting these companies, their employees, and stakeholders with efficient financial and digital services.”

Abdelhamid Sharara, the founder and CEO of RiseUp, stated that Entlaq’s report records the challenges and solutions facing startups. Tracking this data is vital, and cooperation between the private sector, universities, government, and startups is necessary to improve the sector and turn the report’s recommendations into actionable programs.

The report on the Egyptian entrepreneurship sector, in its first section, includes secondary data that provides a comprehensive overview of the Egyptian business environment. This includes the Egyptian state profile, which gives an overview of the overall economy, population, unemployment, and the state’s development plans, as well as the monetary and financial sectors and Egypt’s balance of payments.

The second section of the report contains qualitative data (primary data) collected through surveys aimed at startups and entities working in the sector, as well as interviews and comprehensive research on the entire entrepreneurial ecosystem.

Source: dailynewsegypt.com