Eitesal Association CEO Mohamed Shadid estimated the future expenditure for managing and operating the innovation cluster in Borg El Arab Technology Park during 2018/2019 at EGP 14m, in cooperation with the Information Technology Industry Development Agency (ITIDA) and other academies and universities participating in the cluster.
He added that Eitesal, in association with its partners in the project, seek to attract EGP 5m to diversify financing sources and support the cluster’s activities. After the start of the first phase of the “EBNI – Borg El Arab” incubator, the Academy of Scientific Research and Technology will start supporting incubated companies through “Intilaq”, the national programme of technological incubators, Shadid further added.
He pointed out that the idea of innovation clusters emerged from the Technology Innovation and Entrepreneurship Centre (TIEC) affiliated to ITIDA. It represents a real partnership between the private and public sectors, civil society, and a number of universities, such as the Academy of Scientific Research and Technology, Alexandria University, the Egypt-Japan University of Science and Technology, and the Arab Academy for Science, Technology, and Maritime Transport, among others.
Shadid noted that ITIDA is the main financier of the innovation cluster, adding that they target incubating 10 companies annually and implementing 10 courses, 60-80% in the field of Internet of Things (IOT) and smart logistics. The cluster is expected to expand to include robotics, which grabs great interest at all levels.