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Egypt’s Planning Ministry, AUC Venture Lab launch training programme for entrepreneurs - Daily News Egypt

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Egypt’s Planning Ministry, AUC Venture Lab launch training programme for entrepreneurs

AUC Venture Lab contributes to accelerating over 200 start-ups, creating more than 8,000 job opportunities, says Minister El-Said

Egypt’s Ministry of Planning and Economic Development, represented by the Rowad 2030 Project, has announced the start of a programme to build the capacities of managers at business incubators and accelerators.

The programme has been launched in cooperation with the American University in Cairo (AUC)-based startup incubator, AUC Venture Lab.

The announcement came as part of the partnership and support from the Drosos Foundation, to share experiences and improve various support mechanisms to create diverse job opportunities and stimulate economic growth.

The Rowad 2030 project is creating some business incubators at Egyptian public universities, to ensure a new generation of entrepreneurs who can employ their scientific knowledge in establishing projects.

This includes being able to communicate with young people in Egypt, providing support by developing managerial and innovative capacities, and contributing to reducing unemployment rates.

Minister of Planning and Economic Development Hala El-Said said that her ministry, represented by the Rowad 2030 Project, supports business incubators and works to develop them.

She referred to the project’s contribution to the establishment of nine business incubators in some fields, including artificial intelligence (AI) and tourism, as well as the Egyptian-African incubator and the mini-factory.

El-Said said these incubators play an important role in supporting small and medium-sized enterprises (SME), backing young people and their ideas, and providing the necessary support.

She added that the current cooperation between the ministry and the AUC Venture Lab intends to maximise the benefit of managers of business incubators, accelerators, and entrepreneurs involved in the AUC startup incubator.

“The AUC Venture Lab is considered the first university business accelerator in Egypt, and contributes to accelerating more than 200 start-ups and creating more than 8,000 job opportunities,” El-Said said.

She indicated that the programme helps participants design and establish new business incubators and develop existing business incubators and accelerators.

Moreover, Ghada Khalil, Executive Director of the Rowad 2030 Project, said that the training programme includes three main units. These include the most important tools and methods for designing and managing models of business incubators, accelerators, and programmes to support entrepreneurs.

Khalil also said that the training programme builds the operational capacity of business incubators and accelerators. It also provides opportunities to unify joint efforts to create a deeper impact in the field of entrepreneurship.

She said that Rowad 2030 is interested in stimulating and enriching the culture of innovation and entrepreneurship in Egypt, by developing an integrated system for entrepreneurship. 

“We are pleased to contribute to the development of new employees throughout Egypt,” said Ayman Ismail, the Abdul Latif Jameel Chair of Entrepreneurship, Associate Professor at the AUC’s School of Business, and Founding Director of the AUC Venture Lab.

“The Drosos Foundation believes that creating an appropriate environment to help young people innovate and provide practical solutions to societal challenges is one of the most important foundations for sustainable development,” said Wissam El Bayh, the foundation’s Regional Director.

The foundation is pleased to support the (AUC)-based first startup incubator to enable partnerships between decision-makers and educational institutions, which paves the way for policies that support young entrepreneurs.

It is worth noting that due to the increase in the number of applicants who registered their data since the first day of the launch of the programme, it was decided to hold two consecutive training sessions to ensure the quality of training according to the advanced numbers.

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