Information Technology Industry Development Agency (ITIDA) participated in the eighth edition of Techne Summit 2022. The event was held at National Museum of Egyptian Civilization [NMEC], under the auspices of the Ministry of Communications and Information Technology (MCIT) and ITIDA.
The Summit incorporated talks, panel discussions, workshops, and startup events showcasing the latest tech trends. It also witnessed the participation of a large number of startups, several governmental and private agencies, VCs, accelerators, and incubators.
This year's summit focused on making an impact on multiple sectors and stakeholders of the startup ecosystem where it discussed a series of topics about investing in the skills development of the youth as an asset for the sustainability of startups and entrepreneurship, stability through financial inclusion, the rise of Venture Building in MENA Region, investment readiness and more.
Ambassador of the United States of America to Egypt, Mr. Jonathan Cohen attended the summit, where he lauded the Egyptian entrepreneurship landscape and start-up ecosystem and its growing performance despite the challenges.
During his opening remarks, ITIDA CEO, Eng. Amr Mahfouz noted that Techne Summit represents a good opportunity to highlight the fast-growing startup and entrepreneurship sector, as it also represents a key aspect of MCIT's and ITIDA's strategies.
Mahfouz highlighted that the ICT sector is the fastest-growing sector in Egypt, with a growth rate of 16%, and it is expected to witness further growth as a result of the country's efforts to achieve digital transformation and increase reliance on digital services, especially after the global pandemic, which contributed to increasing the demand for digital skills.
He added: "ITIDA has trained more than 180k young talents so far on various skills, including technical, entrepreneurial, soft and language skills in the labor market, through Egypt FWD initiative".
ITIDA launched the second edition of Future Work is Digital (FWD 2.0), delivering technical training, including tech-based courses in the most demanded fields such as web development, data analytics, and cloud, customized for all career levels. FWD also covers career enablement, which includes preparing students for the job market through full digital freelancing training, Agile management training, and career consultation. In addition, the scholarship involves job opportunities where students have access to multiple options whether freelancing or employment in technical fields.
Mahfouz affirmed that MCIT is investing heavily in the skills development, with more than 1 billion and 100 million EGP to meet the high demand for digital skills in its various IT fields, locally and globally.
Regarding the startup sector's performance, Mahfouz noted that the sector is witnessing unprecedented growth amid the widespread entrepreneurial culture. "Egypt is distinguished from other MENA countries in terms of the percentage of foreign investments in startups, which reaches 77%, reflecting the confidence of foreign investors and global venture capital funds in the local entrepreneurship environment and the technology startups in Egypt," he added.
ITIDA organized an exclusive roundtable talk during the summit entitled "Egypt's Investment Landscape in 2022", where several distinguished VCs, regional and international investment funds participated to address current challenges and means to overcome them.
In his discussion, Mahfouz stressed that ITIDA is currently studying and putting solutions to the challenges faced by investors in the startup sector. He affirmed that in the coming period ITIDA will announce a series of measures that will address the shortcomings of this matter and will contribute to facilitating procedures for the founders of startups, investors and regulate their relationship together.
Mahfouz added that ITIDA formulated a comprehensive five-year strategy in cooperation with Deloitte and funded by the U.S. Agency for International Development, USAID to further support the local ecosystem capabilities and ensure greater access to finance, access to talent, access to markets, and an enabling environment.
ITIDA's CEO indicated that the agency brings global matchmaking events between investors with startup founders, as well as supporting them in international exhibitions such as Web Summit, The Next Web, Hang Out with VCs and CES in Las Vegas to help them promote their innovations and tech solutions and enhance their capability of creating partnerships and penetrate foreign markets.
ITIDA strives to boost Egypt's ecosystem by attracting more VCs to invest in the local ecosystem, guiding investors to explore new opportunities and expand investments in startups located beyond Cairo, where around 93% of startups in Egypt are concentrated, to reach out to the abundance of highly professional and innovative tech talent in these governorates.