In the context of strengthening Egypt's international status in the field of Technology Innovation and Entrepreneurship and its utilization of competitive advantages for the purpose of putting together an Egyptian strategy in said field in the ICT sector, Minister of Communications and Information Technology, Dr. Tarek Kamel witnessed today signing of a cooperation protocol between The Technology Innovation and Entrepreneurship Center "TIEC" and the Global Technology and Innovation Partnership (GTIP) PlugandPlay (PnP) in the Smart Village in Egypt. PlugandPlay (PnP) is one of most famous American technology incubators management companies.
This protocol is a culmination of efforts led by TechWadi, an American company and a member of the Global Technology and Innovation Partnership (GTIP), to establish a congregation of technology companies resembling the Silicon Valley in the United States in a world which hails only business leadership, innovation, and invention as incentives for major growth in the future. The incubators center is expected to host 80 Egyptian start-ups during the next three years. PlugandPlay shall secure funding, management, experience, technology transfer, and necessary knowledge to speed up the growth of these start-ups.
In addition, there will be a chance to train promising company owners for 3 months in the headquarters of the company in California, US, and present these companies to serious investors abroad and in Egypt to adopt their projects and invest in them as part of the marketing plans implemented by PlugandPlay to market technological innovation."We welcome PlugandPlay in the Smart Village", said Minister of Communications and Information Technology, Dr. Tarek Kamel. He also added that global specialized companies and alliances seeking to operate in Egypt, specifically in the Smart Village, have not come haphazardly; rather out of their belief and awareness that Egypt, with its qualified cadres and youth in the field of IT, is capable of creating a real added value in the field of creativity and innovation. This will surely add to our national economy and help us take the right road in a field which is considered the natural extension of our achievements in the field of exporting IT technology services and outsourcing services. "
This protocol is a powerful step for the TIEC which embarked on a journey to develop the base of technological creativity, instill the culture of business leadership among young people, and create job opportunities for qualified graduates by means of attracting the investments of multinational corporations in high added-valuespecialties in IT. Furthermore, this protocol is totally in line with TIEC's plans for creating an environment favorable to developing and managing intellectual property in the context of technology and innovation and instilling mechanisms for discovering innovators, sponsoring them and encouraging them to establish promising companies in the field of IT to strengthen the status of Egypt as a world interest focus in the field of technological innovation and business leadership in communications and IT sector.TIEC CEO Dr. Tarek Al-Saadany maintained that by virtue of this protocol, the Global Technology and Innovation Partners (GTIP) shall establish the first technology incubator in the Smart Village for PlugandPlay Center which is specialized in the field of establishing and managing projects of technology incubators in the US and a member of the Global Technology and Innovation Partners (GTIP). The Technological Innovation and Entrepreneurship Center shall provide the necessary infrastructure to set up the incubators center.
There are many successful experiences from start-ups sponsored by PlugandPlay and operating currently in the world market. Among these companies are "Lending Club"; a social network enabling its members to borrow money at suitable rates, Melodis which is specialized in all that is new in the realm of voice recognition, and many other companies. TechWadi is an organization established by a group of Egyptian and Arab company owners in the Silicon Valley aiming mainly at ensuring cooperation btween the US and the MENA region for the purpose of spreading awareness of the business leadership concept and strengthening the concept of economic development, added Dr. Al-Saadany. ITIDA shall provide funding for these start-ups.
It is worth mentioning that PlugandPlay has managed, since it was established in 2006 in the US, to provide funding for more than 500 start-ups, attract investments of more than $750 million, and play a major role in writing the success stories of a number of start-ups whose seeds have emerged from prestigious American Universities including Harvard University, MIT, and Cornell University which is a fertile soil for growing creative ideas. The protocol has been signed by TIEC CEO Dr. Tarek Al-Saadany and ITIDA CEO Dr. Hazem Abdulazim on the one part and PlugandPlay CEO Mr. Saeed Amidi and Chairman of TechWadi Mr. Osama Hassanein on the other part