Egypt will host the region’s first Global Entrepreneurship Network (GEN) hub, a physical space designed for the exchange of knowledge and innovation, housing technology labs, and co-working spaces.
Construction of the Entrepreneurship and Innovation Hub began in collaboration with the ministry of investment and international cooperation and Tatweer Misr earlier this week with the completion date set for November 2021.
Part of the Global Entrepreneurship Week, GEN is a platform that aims to increase worldwide collaboration to create a global startup ecosystem and community.
Managed by GEN, the hub will be integrated with a university campus slated to be built as part of the educational zone in the Bloomfields project of the Future City at a cost of LE25 billion ($140 million).
The hub will also offer executive education programmes, training programmes and lectures to inspire entrepreneurship and innovation across Egypt.
The bulk of its mandate however, will be to provide space and capacity to entrepreneurs and startups to begin and scale from idea-stage all the way through to sustainable commercialisation.
Participants will have direct access to a global and diverse network of entrepreneurs, scientists, mentors, managers, and investors through the GEN network to nurture and support them.
This includes product development, services, business models, funding opportunities and access to markets, exploring and identifying new industries and opportunities in the region.
“Supporting entrepreneurship, especially those entrepreneurs that bring new and innovative solutions that tackle the challenges facing our country, is a priority for our government,” said Sahar Nasr, Egypt’s minister of investment and international cooperation at the groundbreaking ceremony. “It’s the country’s role to provide a climate that is supportive through the legislative framework and incentives in general that will aid and encourage entrepreneurs.”
Egypt’s 100 million strong population, of which a large percentage comprise those aged under 30 make it an attractive market to test and scale ideas.
“Egyptians are building some of the most engaging, proactive and dedicated entrepreneurship communities around the world that are working towards innovating for real impact for the nations' benefit,” said Jonathan Ortmans, president at GEN.