Egytrans, a transport and logistics solutions provider, has announced the signing of an agreement with prominent accelerator hubs pmaestro and Cashcows, to launch and manage the Egytrans Startup Factory.
The platform aims to serve as a unique Logistics Incubation Programme in Egypt based on an open-innovation model. It will build on the experience and knowledge of Egytrans, representative advisors, and mentors from different backgrounds, and a selection of the most promising start-ups.
The aim is to redefine logistics as currently conceived, working hand-in-hand with startups that will generate innovative technological solutions for the logistics sector.
“This programme has been almost two years in the making, from defining our objectives, to finding the right partners and formulating the structure of the programme. We are therefore very pleased that it is finally being launched,” said Abir Leheta, Chairperson and CEO of Egytrans, “One of the key drivers of this programme was to generate innovation in our own business, and the best way to do so is by championing new technologies and solutions that can help us achieve our strategy for growth and digital transformation.”
There are plenty of opportunities in the supply chain and logistics realm for technology startups to focus on.
However, Leheta said that because of the complexity of the industry, “technological solutions are not a silver bullet cure”.
They need to be carefully designed to address the real-time challenges of the sector, she noted, and it is with this recognition that Egytrans plans to be deeply involved in the programme, rather than just sponsoring the process.
The “Egytrans Startup Factory programme” can unlock substantial opportunities for all stakeholders. Startups get to improve their credibility and brand awareness as well as gain access to the programme partners’ knowhow.
Egytrans, in turn, benefits from the opportunity to incorporate some solutions into its own operating model and potentially invest in the most promising startups graduated from the programme.
With the call-for-entries due to begin in May, around 10 startups will be selected to go through an intensive six-month programme designed for early and growth-stage startups to build their business.
Throughout the programme, the selected startups will be provided with mentorship and best practices from Business, Operations, Product and Technology perspectives.
The programme aims to provide tools, framework, knowledge and an ecosystem to help startups create value-driven products by supporting them in building and promoting market-ready solutions.
Mohamed Mounir, Managing Director of pmaestro, said, “This programme is very unique in that it is different from most vertical-specific accelerators.”
“The Transport and Logistics focus will draw partners and startups from across a variety of industries, given the need for logistics management and effective transport operations in almost all businesses,” he added, “This reflects on all aspects and design of the programme, from selection criteria to programme design and finally mentoring, all of which will be structured to produce commercially viable products and services. The selection process should produce a number of potential investment opportunities that will solve problems or open new revenue streams.”
Ahmed Reda, CEO of Cashcows, noted that the reality is that Transport and Logistics is the world’s next Fintech. The Industry has incredible growth potential, especially in our region, and there are massive untapped opportunities within it. Also, the timing is right with technology maturing enough to find many commercial applications. Like other conventional industries expecting disruption, Transport and Logistics today can really benefit from looking at early scaleups.