As we launch a new accelerator program aimed at preparing tech startups in Upper Egypt to scale and become investment-ready, we want to share our motivations and insights about the region with you, so we can together build momentum towards investing in Upper Egypt!
1- Despite being home to over 40 million people—more than the entire population of Morocco—the region of Upper Egypt, encompassing 9 governorates, has suffered from decades of marginalization. The concentration of resources in metropolitan areas like Cairo has long overshadowed the potential of this vast region, leaving it responsible for two-thirds of the country’s poverty.
2- Contrary to the common perception that Upper Egypt lacks tech companies, we have found the opposite to be true. Having worked in Upper Egypt for more than a decade, we’ve encountered numerous tech founders. For instance, Upper Egypt is home to many universities that graduate a large number of tech talents from their engineering and information technology faculties each year. The challenge these innovators face is not a lack of ideas, but a lack of resources to launch and scale their ventures.
3- Finding quality startups in Upper Egypt can be challenging, which is why Athar Accelerator has decided to step in to enhance the pipeline of the startups in the region, creating opportunities for economic growth and job creation. We are proud that most startups in Upper Egypt -which collectively account for more than 1,100 jobs- have graduated from our programs. We remain committed to further supporting them.
4- Our newest program, launched in partnership with USAID and DAI, reinforces our commitment to the startups of Upper Egypt. The program focuses on the region’s most promising startups, providing them with the resources to achieve scalability and investment readiness.
5- In the face of the current economic crisis and difficulties in accessing investment, we aim to guide our startups to develop sustainable business models, establish responsible growth strategies, and identify swift paths to profitability. We foster resilient founders and agile structures to navigate these challenges.
6- We believe in the transformative power of entrepreneurship to mend the broken infrastructure and improve systems within the education, health, agriculture, and energy sectors in the country. There is a pressing need for more quality entrepreneurship support programs, increased funding for startups, and a greater focus from the government on supporting entrepreneurs in the region.
While we have several local success stories, our aim with this program is to cultivate even greater success stories that can resonate throughout the region, attracting more investment and attention to Upper Egypt startups.
If you believe in what we do, and can support the program or the startups, let’s have a chat!
Shoaib Elqady
CEO, Athar Acclerator
Shoaib@athareg.com
Linkedin: https://www.linkedin.com/in/shoaibelqady/