Egypt: The Fifth Annual Business Plan Competition Organized by Technology Incubation Program (TIP) is Launched.
The fifth annual Business Plan Competition was launched on March 6th. 2009 by the Egyptian Technology Incubation Program (TIP), that focus on Innovative communications, Information Technology, and electronics products and service. To me this competition offers the best value compared to other regional business plan competitions in terms of the financial support and the other types of support offered to the winners.
While most regional business plan competitions offer the winners just cash or in-kind awards, TIP competition offers a total prizes in services are valued at Egyptian Pound (LE ) 5,000,000 ( LE 1 = $5)plus financial support for up to two years and office space at nice incubation facilities in the hub of Egypt’s IT hotspot & biggest technology cluster in the Smart Village . The last 2 are the most important factors in turning the paper plan into a real functioning product. Moreover the competition offers business consulting, a one- year of business management training and networking opportunities with key IT leaders and potential investors locally, regionally and globally.
Egyptian startup AlKhawarizmy Language Software which launched KSearch Embedded Arabic Search Technology at our last ARABCRUNCH DEMO 09, was among the winners of in 2007 version TIP competition. I have visited AlKhawarizmy in their location at the incubation program facilities in the Smart Village which is located in the Desert Road in Giza. And to my impressions about the facilities on both the incubation and the Smart Village as a whole are very positive, but the downsides: the location is far from downtown and Cairo and has too much security measures!
The competition is open only to Egyptian teams who can meet the following requirements:
* Each team must have two to five members, individual applicants shall not be admitted.
* Team members must be Egyptian nationals.
* Each of the team members must have at least a graduate degree from an accredited university.
* At least one of the team members must possess a graduate degree relevant to the project.
One of the submission requirements that got my attention is “The idea must demonstrate break-even/profitability in less than three years.” Which sometimes my not apply for some startups, who need more time to meet this requirement.
30 teams will be accepted after the end of the application submission deadline by April 06 2009. And on April 27, 2009 the 30 teams will undergo mentoring and workshops to finish their business plan that will be due May 03, 2009. And the Finalists will be announced June 20, 2009 who also will be required to conduct a formal presentation to the judges and reply to their questions, during the formal Awards Ceremony on July 3, 2009 that will be attended by industry professionals, (VIPs!) and friends and family of the finalists.
To apply for this year competition go here.