Information Technology Industry Development Agency (ITIDA) Joins Forces with Plug and Play to Launch an Innovation Hub in Egypt

News provided by

Sep 30, 2021, 04:00 ET

CAIRO, Sept. 30, 2021 /PRNewswire/ -- Global innovation platform, Plug and Play, is partnering with The Egyptian Information Technology Industry Development Agency (ITIDA), to launch an Open Innovation Hub in Cairo. The aim is to establish a strategic partnership to boost Egypt's entrepreneurship and startup ecosystem.

Plug and Play Egypt is scheduled to launch in November 2021 and will have an initial focus on Digital Transformation in Fintech, Insurtech, Energy, IoT, Mobility, Healthcare, and Sustainability amongst other industries.

Through this partnership, Plug and Play Egypt will run two Acceleration and two Incubation programs annually where hundreds of startups will be evaluated and the most promising companies will be selected by the corporate partners to join each batch. Our platform in Egypt will offer business development, mentorship, Investments and networking opportunities for startups, investors, and relevant industry corporations.

A signing ceremony held between ITIDA CEO Amr Mahfouz and Plug and Play CEO and Founder Saeed Amidi was witnessed by the Minister of Communications and Information Technology Amr Talaat.

Following the signing ceremony, the ICT Minister Amr Talaat stressed that the Ministry of Communications and Information Technology (MCIT) is keen to promote entrepreneurship and foster tech- and innovation-driven projects.

Talaat added that the agreement would reinforce MCIT efforts in advancing entrepreneurship through partnering with one of the major companies specializing in startup incubation and acceleration. In addition, he said that MCIT is establishing Creativa Innovation Hubs nationwide to promote entrepreneurship and empower university students and entrepreneurs through developing their innovation skills and supporting their ICT projects.

ITIDA CEO emphasized that Plug and Play is one of the world's leaders in managing innovation hubs. He added that the Company's presence in Egypt would add value to the startup ecosystem, thus positively reflecting on regional and international reports. He also clarified that Egypt's global standing and ranking are expected to be higher this year thanks to the boom in the entrepreneurship scene and the surge of investments in Egyptian startups year-over-year, which is attributed to the government's investment in establishing Creativa Innovation Hubs to equip young people with technology innovation and freelancing skills and foster technology startups.

According to Saeed Amidi, Plug and Play's Founder and CEO, "We are excited about launching our office in Egypt. We would like to thank the Minister of Communications and Information Technology for his support on this journey as we are looking forward to incubating and accelerating Egyptian startups."

According to Sobhan Khani, Plug and Play's Vice President, "The projection is that Egypt's economy will be one of the top 10 economies in the world by 2030. The talent and entrepreneurial culture in Egypt make this an incredible opportunity for us to establish this office with the help of ITIDA. We are extremely excited about this launch."

About Plug and Play

Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley, we're present in 35+ locations across five continents. We offer corporate innovation programs and help our corporate partners in every stage of their innovation journey, from education to execution. We also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where we've invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit https://www.plugandplaytechcenter.com/

About ITIDA

The Information Technology Industry Development Agency (ITIDA) is the executive arm of the Egyptian Ministry of Communications and Information Technology for spearheading the development of IT in Egypt.

ITIDA is Egypt's engine for spreading technology, driving innovation, and supporting foreign investors seeking to enhance their global offering from Egypt, the global hub for IT/ITES and technology innovation. ITIDA was founded in 2004 with the mission to build and champion a world-class IT industry that will play an increasingly important role in Egypt's economic growth.

SOURCE Plug and Play