In support of Egypt's youth, American multinational General Electric signs a $100,000 five-year partnership with the American University in Cairo’s incubator, Venture Lab.
In an impressive move that can be considered as a great advancement for the institution, the American University in Cairo’s Venture Lab has landed a five-year partnership with appliance giant General Electric, according to Al-Bawaba.
The partnership includes GE’s sponsorship of AUC's Venture Lab (AUC V-Lab), which is the university incubator that focuses on commercialising technologies and innovations created by Egyptian startups and making them accessible.
Costing $100,000, GE’s interest in the partnership stems from its commitment to support youth in the country by providing them with accessible software and skills, as well as manufacturing tools. Part of the partnership will ensure that focus is also placed on supporters of the ecosystem in bringing to life their ideas in digital as well as hardware solutions. This is believed to increase employment, and therefore enhancing the country’s economy.
Commenting on the partnership, Ayman Ismail, Assistant Professor and Abdul Latif Jameel Endowed Chair of Entrepreneurship at the AUC’s School of Business, tells Al Bawaba that “Our partnership with GE will further support the program and our ability to incubate most start-ups and provide them with the best available tools in the market.”
This is believed to be good news since GE and AUC are expected to transform the entrepreneurship ecosystem in Egypt, which will, in turn, improve the diversity of its economy, granting more resources for its students on the road to becoming tomorrow's innovators.