U.S. Launches Business Model Competition for Entrepreneurs
June 22, 2012
Cairo –U.S. Ambassador to Egypt Anne Patterson launched a competition this weekend that will help young Egyptian entrepreneurs start new businesses. StartUp Cup is implemented through a joint U.S. Agency for International Development (USAID) and U.S. State Department program that brings together partners and mentors to provide training on how to start and grow a business.
The event aimed to give new entrepreneurs the tools to develop viable business plans and to engage with industry contacts and potential customers. About 100 entrepreneurs comprising 35 business teams were in attendance. The majority of the businesses represented non-tech industries and included a significant number of women entrepreneurs.
“This event catalyzes the energy of Egyptian youth. It encourages them to take risks and explore new opportunities through the vehicle of business ownership,” said Ambassador Patterson. “By bringing together a variety of supporters and mentors with the vision and innovation of the entrepreneurs here today, this event may be the birthplace of some of Egypt’s most dynamic future companies, and we are proud to support you in your goals.”
This weekend’s event starts a six-month program in which entrepreneurs will receive ongoing coaching and marketing assistance. The event will conclude in November with Global Entrepreneurship Week, in which two teams will be selected to participate in an internship in the United States.
Through its overall efforts in support of equitable economic growth in Egypt, USAID seeks to help 100 companies to start through its entrepreneurship and business support projects. With this support, twenty new companies have started in the last year, five of which are owned by women.