The commitment is a show of confidence in both the vibrant start-up scene in Egypt, as well as the number of existing enterprises already tackling social challenges. Many of these have already been on display at last year’s RISEUP summit, which the UK recognises as a leading gathering of the start-up community in the Middle East. It also recognises the importance of small businesses in creating economic opportunities and jobs.
British Ambassador, John Casson said at the RISEUP summit: "I challenge all of the start-up community present at the RISEUP summit, to bring the same energy to solving Egypt’s social challenges as they already bring to pursuing their business dreams."
The UK funding will invite proposals from entrepreneurs who can demonstrate that their idea is both commercially viable, but also of wider benefit to society. Examples of social impact would be that it helps create jobs, gives opportunities to women, supports deprived regions, or improves access to or delivery of public services (health and education in particular). The final selection will be in the form of a competition with winners selected by an independent panel of experts.
Successful entrepreneurs will benefit from funding, technical advice as well as access to an international network of entrepreneurs.
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