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Egypt: Investment Ministry's Falak Startups Launches Opening Of 15 Emerging Firms
Source: 6/2/2018

"Falak" start-up accelerator, in cooperation with EFG Hermes, launched the official opening of about 15 companies in 13 governorates. The opening ceremony was attended by Investment and International Cooperation Minister Sahar Nasr, Supplies and Internal Trade Minister Aly el Meselhi, Public Business Sector Minister Khaled Badawy, Tourism Minister Rania el Mashat, along with senior officials, ambassadors and entrepreneurs.

During the ceremony that was held at Mohamed Ali's Palace in Manial, participants from 13 governorates reviewed their models. Falak Startups announced at the event that the door is now open for registering in the company’s second round of start-up accelerator that is set to be held in September 2018. People who are willing to take part in it can apply through the website

The investment minister asserted her ministry’s keenness on supporting entrepreneurship and small business owners, stressing that the investment law stipulates backing entrepreneurship.

Empowering the youth tops the Investment Ministry’s priorities, Nasr said, urging large businesses alongside banking and non-banking financial sectors to support the youth’s businesses.

For his part, CEO of Falak Startups Yousef el Samaa said the company is supporting 30 firms and engaging in partnerships with emerging firms, as well as financing them with a sum of money amounting to EGP 500,000. Falak Startups company is an accelerator program designed to support and empower entrepreneurs in Egypt's thriving startup ecosystem, aiming to provide entrepreneurs with the resources and tools necessary to develop innovative businesses that can thrive in today's competitive economy.

It was established within the framework of the Investment Ministry’s "Fekretak Sherketak" (your idea is your company) initiative by "Egypt" Company For Entrepreneurship and Investment in 2017.

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