Innoventures and Fascila announce joint launch of “Startup Reactor” new Startup Accelerator in Egypt
Innoventures LLC is asserting its role as Egypt’s most disruptive venture capital firm, by partnering with Fascila Technologies LLC, and launching a new entrepreneurial support program. Startup Reactor is a unique acceleration platform designed to enable the success of innovative startups targeting a number of opportunity industry areas in Egypt. The program will create an environment to connect entrepreneurs, investors and mentors, and will host, coach and invest in Egyptian seed-stage startups for a duration of 6 months.
The startups will be selected from among the most innovative and financially promising venture models in the strategic areas of clean technology, energy, electronics, media and market intelligence. The program will also focus on inclusive businesses and ICT-enabled platforms in broader opportunity areas such as healthcare, education and agri-business. Fascila Technologies will manage VLSI Reactor, a subsidiary program that will run in parallel focusing on startups in the electronics and semiconductors industry.
Qualifying startups will receive seed funding and office facilities, will be assigned a committed mentor, and will follow an immersive adaptive training program, whilst they focus on developing their business model, prototype, brand and customer base. Participating investors and mentors will receive an equity stake in the ventures which they choose to support. Startup Reactor also caters to CSR departments of companies which would like to work with startups in a particular area under the same model.
Innoventures LLC was incorporated in 2011 as an innovation platform to bring the wealth of original Egyptian ideas to market by providing a platform catering to today’s entrepreneurs in the region. The company caught the attention of the entrepreneurial industry and community when it designed and executed the ‘Start with Google’ (Ebda2) program, a first-of-its-kind program for Internet startups in Egypt. The program created widespread impact, and provided exposure to a vast network of mentors, investors and entrepreneurs. The company also runs a weekly idea sharing and networking program called Startup Circus and hosts a number of startups in its Venture Hub.
The strategic partnership with Fascila will allow the VLSI Reactor to become the electronics arm of the program, and deliver a more customized platform specifically catering to the more advanced needs of semiconductor ventures. Fascila Technologies LLC is an electronics industry pioneer, and was the first to provide a number of semiconductor-based smart wireless automation innovations in Egypt and the wider Middle East region.
Startup Reactor and VLSI Reactor will together serve as an ideal platform for entrepreneurs looking for a complete startup acceleration package, and access to a professional industry network. For investors and mentors, it serves as a portal to access these innovative ventures in the industry areas with the greatest potential for growth and impact.
Startup Reactor will start its first cycle in December 2012. A Showcase event will be held on 19 November 2012, which will provide a venue for a sample of the participating startups to pitch their ideas, and for networking between the entrepreneurs and their potential investors and mentors.